Rising Rental Prices in Syria Amid Housing Crisis
In Syria, the ongoing housing crisis has intensified, particularly in the capital city of Damascus, where apartment rental prices have skyrocketed due to a surge in demand. This increase is largely attributed to the influx of displaced individuals from Lebanon, driven by the recent Israeli aggression. Observers report that rental prices have surged between 25% and 100%, exacerbating the challenges faced by both the displaced and local residents.
The situation is dire for many families, such as that of Muhammad, a 44-year-old worker who has seen his rent jump from 800,000 Syrian pounds ($55) to 1.15 million ($78) in just a month. His family's income of 900,000 Syrian pounds ($61) is insufficient to cover even half of their monthly expenses, leaving them to struggle in a deteriorating economic environment. The average rental prices for two-bedroom apartments now range from 1.5 million to 3 million liras ($100-200) for unfurnished options, with furnished apartments costing even more.
Real estate brokers are reportedly exploiting the crisis, raising rents significantly and demanding upfront payments in dollars. Insaf, a Lebanese refugee, faced similar challenges when moving to Damascus, where she was required to pay three months' rent in advance along with additional fees. This pattern of exploitation echoes past crises, such as the influx of Iraqi refugees in 2003 and Lebanese refugees in 2006, indicating a troubling trend in the housing market.
As the Lebanese government's Disaster Risk Management Unit estimates over 400,000 people have crossed into Syria in just two weeks, the housing crisis is expected to worsen. The market dynamics are shifting, with brokers capitalizing on the desperation of displaced individuals, creating a precarious situation for those seeking shelter in an already strained housing market.
